State Bank of India chief Arundhati Bhattacharya said RBI Governor Urjit Patel-led Monetary Policy Committees status quo on rates was disappointing as the market was expecting a 25 basis point cut. Oil prices and a likely rate hike by the US Federal Reserve would have played a role in MPCs decision-making process, she added.

"I dont think the market is range bound it is just pausing after the fall," said CNBC-TV18s Consulting Editor Udayan Mukherjee. The market is moving towards 8500 mark, but moves beyond that looks unlikely.

A majority of the nearly 60 analysts polled by Reuters predict the Reserve Bank of India (RBI) will cut the repo rate by 25 basis points (bps) to 6.00 percent, the lowest since November 2010, while six predicted a deeper 50 bps cut.

State Bank of India chief Arundhati Bhattacharya said RBI Governor Urjit Patel-led Monetary Policy Committees status quo on rates was disappointing as the market was expecting a 25 basis point cut. Oil prices and a likely rate hike by the US Federal Reserve would have played a role in MPCs decision-making process, she added.

"I dont think the market is range bound it is just pausing after the fall," said CNBC-TV18s Consulting Editor Udayan Mukherjee. The market is moving towards 8500 mark, but moves beyond that looks unlikely.

A majority of the nearly 60 analysts polled by Reuters predict the Reserve Bank of India (RBI) will cut the repo rate by 25 basis points (bps) to 6.00 percent, the lowest since November 2010, while six predicted a deeper 50 bps cut.